Definition Promissory Estoppel;
n the law of contracts, the doctrine that provides that if a party changes his or her position substantially either by acting or forbearing from acting in reliance upon a gratuitous promise, then that party can enforce the promise although the essential elements of a contract are not present.
* Supreme Court says a reward should be based on "contractual theory of liability predicated on a Type II preliminary agreement,",
Thus, the final reward should closely resemble the terms in the LATS. Siga needs to get an out of court settlement, LATS (Siga doesn't want that much downside potential)
If the agreement to negotiate in good faith is sufficiently clear and the court finds that but for the breach, the deal would have closed, the recovery can include anticipated profits and other expectation damages. Venture Associates; Milex; Cerberus Capital Management v. Snelling & Snelling, 2005 WL 4441899 (N.Y. 2005); RGC International.
"the recovery can include anticipated profits and other expectation damages"
What the LATS didn't call for? $40M upfront and a 50/50 split.
SC told Parsons to look to the terms in the LATS. If not for (bad faith) there would have been a licensing agreement closely following the LATS.
Short term I wouldn't be shocked to hear of a settlement soon. Any shares I buy I plan to hold for a while to see if SparVax can double my triple, doesn't hurt to dream.
Give me another dip and I'll add to my position. Just wondering who is selling?